Are you looking for information on the salary trends for portfolio managers? Read through this article to find out more.
Procurement Manager Salary
A procurement manager is a significant person in a company that is into the manufacturing business. In this article, we have put forth the determinants of the salary these professional earn…
Manufacturing is a sector which a major part of the economy is dependent on. It consists of a variety of business practices and transactions, out of which procuring raw materials and making finished products is an integral part. When it comes to this task, there are many different things to be taken into consideration. This is the reason why the purchasing company recruits a procurement manager, also sometimes called ‘purchasing manager’.
As the name suggests, a procurement manager performs all tasks concerned with buying best quality products at the least possible price. This can be buying raw materials for the employer’s manufacturing process or for daily use.
Since the products are generally required and ordered in bulk, he has to negotiate suitable prices with suppliers for the overall deal. He has to take stock of the inventory levels before placing orders. He is also responsible for recruiting and training personnel for effectively working in the administration department.
The salary depends on the level of experience. Starters in can expect a base pay of about $43,000 per annum, which goes up to $72,500 approximately. With an experience of one to four years, one can easily earn anywhere between $51,500 to $85,500 per year.
With an aggregate experience of five to nine years you can demand a salary of anywhere between $49,000 to $90,000. If you have hands-on experience of 10 to 20 years, you may even draw an annual pay of about $96,500. Those with over 20 years of experience can obtain a pay package of around $109,000, if not more.
The field of employment matters a lot when it comes to the income. If you are working in the defense sector or the aerospace industry, you can earn anywhere between $81,500 to $102,000. In the food manufacturing sector you can expect to be paid in the range of $61,000 to $98,000 per annum. Likewise, the manufacturing and distribution industries offer around $60,000 to $89,000 yearly.
State wise, New York is considered to be the best paying, with a scale of around $60,000 to $102,000. The salary prospects in Texas and California range between $52,500 to $63,000 and can even go up to around $99,000 per annum.
Illinois has a pay range from $62,000 to $98,500 on an annual basis, whereas in Georgia may get a per annum salary somewhere between $51,500 to $84,000. Similarly, every state has its own salary offerings for purchasing managers.
The salary in this work area may even differ as per the city of employment. In Seattle, the annual pay ranges between $45,300 to $109,000. Other cities that go beyond the $100,000 mark are New York City and Houston, at about $103,000 per year.
At present, procurement managers in San Francisco earn a yearly pay of around $66,000 to $86,000. Note that in comparison to the aforementioned figures, the income prospects may be lower in rural areas.
The salary mentioned above is just a rough estimate and may change over time. If you are planning to become a procurement manager, you need to possess a degree in administration or accounting. However, a few years of valuable work experience in the purchasing sector is also an added advantage.